[photopress:the_ascott_beijing.jpg,full,alignright]Ascott has a simple target: to achieve 10,000 serviced residence units in China by 2010. To this end it has now acquired two properties in Shanghai and Xi’an.
Ascott will invest up to a total of $44.6 million in the two developments which will be operated under the Ascott Citadines brand. This will bring the Ascott China portfolio to about 4,000 serviced units.
One of the investments is in Shanghai: Ying Biao Garden Apartment, located in the city’s Pudong New District. It has one block of eight-storey serviced residences and seven blocks of four-storey semi-detached houses. The property will be branded as Citadines Shanghai Biyun and is targeted to re-open in the first half of 2008 with 182 units after refurbishment.
In Xi’an, Ascott has acquired an effective 75% stake in a building located at Beilin District. The building will be developed into a 162-unit Citadines Xi’an Central. The property is targeted to be opened in the second half of 2007.
Mr Cameron Ong, Ascott’s Managing Director and CEO said: ‘Despite keen competition in China’s hospitality market, Ascott remains the largest leading international serviced residence company in China.’
Ascott’s current portfolio in China stands at 20 properties in Beijing, Dalian, Guangzhou, Shanghai, Suzhou, Tianjin, Xi’an and Hong Kong.